IPOs also kill a lot of companies. Now you have a new list of investors you are obligated to attend to, and what those investors what is not always to make your company more successful, if it can make more money now.

High risk high reward - I think if I ponied up capital, I'd rather not feel obliged to 'share the success' unless it were part of a needed capital raising.

I see it differently, and not in a particularly popular manner. Public companies allow those that are already pretty well off to rocket past those who can't afford shares, therefore adding to the disparity. I despise sudden or inherited wealth though so I'm not the best barometer for how things should work when it comes to this. I can't count how many times I've been made almost physically ill hearing about the next meme stock that made some nobody a millionaire overnight.

Private companies have the right to be private until if or when they decide not to be private.

Navigating the risk and growth allows them to navigate their growth and rewards while maybe in the drivers seat a bit more.

IPOs really only benefit already wealthy people as well. It's not like poor people can dump tens or hundreds of thousands of dollars in stock.

We usually hear about the success stories, but public markets have killed wayyyy more companies than they have helped. Unless they really need the money it's always in a company's own best interests to stay private for as long as possible.